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StoneX's dairy team reports that October Class III milk futures traded limit down after a rally to new contract highs, with block cheese hitting a 2024 high of $2.14. Bullish factors cited include rising global dairy markets, worries about US and EU milk supplies, and anecdotal reports of bird flu in California.
Futures are volatile as spot cheese and milk prices swing, which matters for feed buyers because tight milk supplies and higher dairy prices can support dairy demand for feed and byproducts such as DDGS and milk-replacer inputs.
stonex.comDairy TeamAug 29, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
